Behind the Scenes: The Corporate Governance Preferences of Institutional Investors

By J. McCahery, Zacharias Sautner, Laura T. Starks. 2015

1,321 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/5090f5d062c000c61707ee3a9b7e856452ff14a2

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Citations in the corpus

Big Data as a Governance Mechanism (2019, neutral): “Investors that are more concerned about liquidity, such as quantitative-focused hedge funds, use “voice” less intensively (McCahery et al. 2016).”
Does corporate eco-innovation affect stock price crash risk? (2021, methodology): “institutional shareholding and equity analyst) lower information asymmetry by limiting the managerial bad news hoarding behaviour (Chang et al., 2006; McCahery et al., 2016).”
Can Sustainable Investing Save the World? Reviewing the Mechanisms of Investor Impact (2020, background): “These include the right to vote on shareholder proposals during annual general meetings, discussions during informal meetings with management, and criticizing corporate practices in news outlets, as well as threats of selling the companies’ assets (see, e.g., Admati & Pfleiderer, 2009; Amel-Zadeh & ”
Blockholders: A Survey of Theory and Evidence (2017, neutral): “Carleton, Nelson, and Weisbach (1998), Becht, Franks, Mayer, and Rossi (2009), and McCahery, Sautner, and Starks (2016) provide evidence that a significant amount of shareholder intervention occurs behind the scenes and is unobservable to outsiders.”
Common-Ownership Concentration and Corporate Conduct (2018, background): “…particular set of actors, such as activists (Brav et al. 2015), employees (Agrawal 2011), foreign sovereign wealth funds (Dewenter et al. 2010), “passive” investors, blockholders (Edmans 2014; Edmans & Holderness 2017), or institutional investors more generally (see, e.g., McCahery et al. (2016)).”
Investing for long-term value creation (2019, neutral): “Another element of an active investment approach is effective engagement with investee companies on the long-term, both behind the scenes by meeting with companies and in the annual general meeting by voting (McCahery, Sautner, and Starks 2016).”
Governance Through Trading and Intervention: A Theory of Multiple Blockholders (2011, background): “4 Thesurvey evidence of McCahery, Sautner, and Starks (2010) finds that trading is the primary governance mechanism used by institutions; Parrino, Sias, and Starks (2003) andChen, Harford, and Li(2007) document direct evidence of governance through trading.”
Ties that Bind: How Business Connections Affect Mutual Fund Activism (2016, neutral): “Thus the introduction of a shareholder proposal is usually a consequence of a failure of “behind the scenes” activism as documented by Karpo↵ (2001), Gantchev (2013), and McCahery, Sautner, and Starks (2016) among others.”